JK Tyre & Industries on Tuesday said the market is expected to grow at double digit as markets for small cars and two-wheelers are coming back in India, after a lull over the last two years.
“The tyre industry had undergone a bit of rough patch in the last couple of years back when the auto industry was in a bit of a slowdown due to Covid. But, now with the economic activity improving, small cars and two-wheeler markets are also coming back in full swing,”
Raghupati Singhania, Chairman and Managing Director, JK Tyre & Industries, told businessline on the sidelines of new tryes range launch here. The company launched premium tyre brand Levitas Ultra for luxury cars.
Government’s push
He said that the industry has also gained immensely from the government’s push to boost local manufacturing, and demand remains strong across most segments of the domestic automobile industry.
“Over the next 2-3 years, demand for tyres in the country is expected to grow stronger, in view of an uptick in economic activities and the big push envisaged for infrastructure growth,” Singhania said.
Commercial vehicle movement
He noted that the commercial vehicle movement is also on the rise with the enhanced economic activity and better roads/expressways, resulting in the trucking business’ growth too and it is expected to witness a five-seven per cent growth over last year.
JK Tyre, with the entry of Levitas Ultra, is also well poised to capitalise on this growth by timing it with the growing requirements in the market, although the luxury car market is still limited in India, he said. The new tyre range would be available in seven sizes and has been rated five star for fuel savings, he added.